Taxation is undeniably arduous for everyone no matter, you are a business owner or a serviceman. In order to simplify it, government of India is taking various steps to revolutionize the Indian fiscal system and out of various steps, GST (Goods and Services tax) is most significant reform.
It is expected that GST will impose a far reaching impact, beyond taxes on the business, economy as well as society. Globally, GST also known as a progressive tax regime will broaden the tax base and condense revenue leakages. It will definitely bring uniform tax rates and elevate the complex tax calculation after coming in effect from 1 July 2017.
Why is ERP software an epicenter of Goods and Services tax?
Goods and Services tax has rationalized the current indirect tax regime while eliminating the tax cascading. In simple terms, excise, service tax and Value Added Tax will be subsumed in GST which puts Indian economy on high-growth trajectory. For a layman, it is hard to understand these taxes levied under sales force management, thus, it is better to refer ERP software for simplicity.
GST will be a tax trigger and foster common market and economic growth leading to business transformation especially in all major industries. It is being hailed as biggest game changer in Indian constitution because it will replace indirect taxes levied by central and state government and offer a streamlined process.
The best part is that technology plays a pivotal role in GST implementation focusing on achieving two major goals reduction in tax evasion and simplifying compliance for taxpayers. That is why GST has introduced automation for invoice matching of buyer and seller that diminishes human intervention. Due to this reason, GSTN-enabled business application or accounting software like Tally solution company is essential for your business that provide several user-friendly features including offline capabilities, alerting capabilities and additional mechanism that avoid duplicity of data.
If you are also in hunt of amazing technology that will help you out at every step ahead, Marketing Mindz, authorized partner of Tally Solution Company can help you in accounting needs, large stock management and other requirements. Get in touch with us; we are happy to offer highly scalable customized solutions to stay ahead from your competitors.